Indian Refiners Pay for Iranian Oil in Chinese Yuan

Sources said refiners in India paid for Iranian oil shipments using the Chinese yuan through ICICI Bank in Mumbai under a temporary US sanctions waiver.

The move followed a 30-day exemption granted by the United States to ease rising energy prices amid regional tensions.

Washington has said it will not renew the waiver set to expire soon.

Payment complexities due to sanctions have discouraged some buyers.

India’s state oil firm purchased two million barrels of Iranian crude.

In its first such deal in seven years.

India also allowed several tankers to dock for private refiners.

Payments are processed in yuan via Shanghai accounts.

Reflecting a shift away from dollar-based transactions.